By Neil Jerome C. Morales (The Philippine Star) | Updated June 11, 2013 - 12:00am
MANILA, Philippines - The 8990 Group of Companies, one of the leading low-cost housing developers in Visayas and Mindanao, is acquiring dormant holding firm Southeast Asia Cement Holdings Inc. (Seacem) for P2.57 billion.
In a disclosure, Seacem said its major shareholders signed a share sale deal with stockholders of 8990 Housing Development Corp.
Seacem stockholders Calumboyan Holdings Inc., Lafarge Philippines Holdings Philippines Inc. and Seacem Silos Inc. will sell 6.29 billion common shares or 89.87 percent of Seacem to IHoldings Inc., Januarius Resources Realty Corp. and Kwantlen Development Corp., all stockholders of 8990 Housing.
“The shares shall be sold at an aggregate purchase price of P2.57 billion,” Seacem said.
It said the price was arrived at by the parties after consideration of several factors, including the current net asset value of the company and the declaration of cash dividends to stockholders of record as of June 2013.”
The transaction will be finalized after certain conditions, including the lifting of Seacem’s trading suspension, are met.
Last week, Seacem raised P193.9 million as it sold 554 million shares to two investors, allowing it to comply with the 10 percent minimum public ownership requirement of the local bourse.
It also completed the sale of its subsidiary Seacem Silos for P730 million as it prepares for opportunities to deal with third-party investors.
In April, Seacem finalized the divestment of its 1.11 billion shares worth P11.35 billion in listed cement firm Lafarge.
“Seacem’s sale of Lafarge and Seacem Silos shares will give Seacem the flexibility to restructure the financial position of its assets or for its major shareholders to enter into transactions with third parties interested in purchasing Seacem,” the company earlier said.
This leaves the company with no assets and ready for a firm wanting to list in the local bourse via the backdoor route.
A backdoor listing, offers a cheaper and faster way to achieve a listing status. This occurs when a listed firm is acquired by an unlisted firm and the merger will result in a change in business.